ServiceNow, Inc. (NOW) intrinsic value & 10-year financials
ServiceNow, Inc. (NOW) has a Graham intrinsic value of $55.47 per share. At $141.97 on Oct 17, 2026, the stock trades 156% above that value. Over the last 10 fiscal years revenue grew 28.5% a year to $13.3B, with an average return on invested capital of -6.6%.
- Graham intrinsic value
- $55.47
- Share price (Oct 17, 2026)
- $141.97
- Price vs Graham value
- 156% above
- Market cap
- $148.6B
- Revenue (FY2025)
- $13.3B
- Revenue growth (10-yr CAGR)
- 28.5%
- ROIC (10-yr avg)
- -6.6%
- Free cash flow (FY2025)
- $4.6B
NOW 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $13.3B | $1.7B | $1.67 | $4.6B | 13.7% | 14.4% |
| FY2024 | $11.0B | $1.4B | $1.37 | $3.4B | 12.4% | 15.5% |
| FY2023 | $9.0B | $1.7B | $1.68 | $2.7B | 8.5% | 14.3% |
| FY2022 | $7.2B | $325.0M | $0.32 | $2.2B | 4.9% | 8.5% |
| FY2021 | $5.9B | $230.1M | $0.23 | $1.8B | 4.4% | 8.1% |
| FY2020 | $4.5B | $118.5M | $0.12 | $1.4B | 4.4% | 5.6% |
| FY2019 | $3.5B | $626.7M | $0.64 | $971.1M | 1.2% | 2.8% |
| FY2018 | $2.6B | -$26.7M | -$0.03 | $586.6M | -1.6% | -5.3% |
| FY2017 | $1.9B | -$149.1M | -$0.14 | $492.3M | -5.3% | -20.9% |
| FY2016 | $1.4B | -$451.8M | — | $54.4M | -30.4% | -109.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ServiceNow is a consistent compounder, expanding top-line revenue at 28.5% annually over the past decade.
ServiceNow returns on capital have been average, hovering around 8.0% ROIC over the decade.
ServiceNow capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ServiceNow is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $55.47 per share.